Sri Lanka (Commonwealth Union)_ In a significant move to enhance regional capital market collaboration, Sri Lanka, Pakistan, and Bangladesh have signed a tripartite Memorandum of Understanding (MoU). The agreement, hailed as a landmark initiative, aims to foster deeper cooperation among the stock exchanges of the three nations, Colombo Stock Exchange (CSE), Pakistan Stock Exchange (PSX), and Dhaka Stock Exchange (DSE). The MoU was signed in Colombo, during a ceremony attended by notable figures including DSE Chairman Mominul Islam, CSE Chairman Dilshan Wirasekara, and Chairman of the Securities and Exchange Commission of Pakistan (SECP) Akif Saeed. Senior officials from all three institutions were also present to mark the occasion.
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The core objective of this agreement is to establish a platform for sharing resources, technology, and expertise across the exchanges. According to a press statement from the DSE, the agreement outlines several key areas of collaboration, including the development of exchange forums, product development, human resource sharing, regulatory cooperation, and investor protection. These joint efforts are expected to enhance the operational efficiency of the exchanges and promote a more integrated financial ecosystem in South Asia. DSE Chairman Mominul Islam emphasized the challenges faced by smaller stock exchanges in South Asia due to their limited resources. He noted, “These exchanges are struggling to reach their full potential, and through the exchange of resources and experiences, we aim to empower these markets to perform better.” He further added that the collective efforts will unlock opportunities for innovation and economic growth, benefiting investors and stakeholders alike.
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In a similar vein, Akif Saeed, Chairman of the SECP, described the MoU as a strategic partnership that marks a crucial step toward the integration of regional markets. He highlighted the potential for these exchanges to drive innovation, bolster market resilience, and create new opportunities for investors across South Asia. The PSX echoed these sentiments, stating that the agreement would foster closer ties between the three nations, creating opportunities for investors and participants. Key areas outlined in the MoU include joint initiatives in system development, digital transformation, cross-exchange training, knowledge-sharing, and the exploration of cross-border listings.
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Farrukh H. Sabzwari, Managing Director and CEO of PSX, referred to the MoU as a transformative chapter in regional capital market cooperation, emphasizing the potential for sustainable growth and enhanced market standards. Through this formal alliance, the three exchanges are set to create a robust framework for future collaboration, aiming to improve market liquidity, diversify products, and strengthen regulatory standards across South Asia. The agreement also envisions facilitating cross-border investment flows and fostering technological innovation in market infrastructure, ensuring long-term benefits for the region’s financial markets.
